September natural gas is expected to open 3 cents higher Wednesday morning at $2.85 as traders study indicators showing a lack of selling. Overnight oil markets were mixed.
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August natural gas forward markets rose an average 4.3 cents between July 14 and 20 as scorching temperatures this week lifted power burn to the highest levels of the summer so far, while longer-term weather forecasts continued to show some cooling in key demand regions, according to NGI’s Forward Look.
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April natural gas is expected to open 4 cents higher Monday morning at $3.12 as traders factor in uncertain but cooler weather patterns and the market continues to exhibit technical strength. Overnight oil market eased.
April natural gas is set to open 2 cents lower Monday morning at $2.93 as weather forecasts show little change from the ongoing mild pattern and risk managers study the short side of the market. Overnight oil markets fell.
April natural gas is set to open 3 cents higher Thursday morning at $2.93 as overnight weather models call for near-term cooling and analysts study seasonal price patterns. Overnight oil markets dived once again.
April natural gas is seen opening 9 cents higher Monday morning at $2.92 as traders respond to forecast cooling. Overnight oil markets were mixed.
The weekly change in spot futures has a way of correctly forecasting the direction in the NGI Weekly Spot Gas Average for the following week, and this week was no exception. Last week, the February contract fell a stout 43.9 cents and for the week ended January 13 the NGI Weekly Spot Gas Average gave up 33 cents to $3.22.
Physical natural gas for Thursday trading on balance was able to eke out a small gain Wednesday, but futures bulls were not up to the challenge of following through on Tuesday’s 17-cent advance.
The physical natural gas and futures markets decided to take opposite paths in trading Wednesday as physical prices in eastern markets were buoyed by a near 20-degree drop in temperatures and supportive power pricing. TheNGI National Spot Gas Average gained 5 cents to $3.49.